The euro was strong against a variety of currencies yesterday, and is still strong against the pound and the dollar this morning. This was due to news that EU leaders have finalised their coronavirus recovery fund. This not only provides hopes of economic recovery for the Eurozone, but also suggests that the union itself is strong.
The consumer confidence figure for Germany came in this morning, showing a third straight month of improvement in consumer confidence. This was thought to be boosted by a temporary reduction in VAT as part of the stimulus package from the government to help the economy recover from the COVID-19 crisis.
Later today, the consumer confidence figure for the Euro Area will be released. It is expected to come in at -12 in July, an improvement on the previous figure of -14.7 in June.
